Antibody-discovery play Sorrento Therapeutics Inc. capped off a busy stretch of recent deal-making Nov. 14 by announcing the purchase of privately held Concortis BioSystems Corp. for roughly $12 million in a stock transaction. The deal between two San Diego-based biotechs brings Sorrento the toxins and linking technologies needed to incorporate its proprietary G-MAB antibodies into antibody-drug conjugate (ADC) products for cancer.
Under the agreement, Sorrento will issue 1.3 million shares of stock to Concortis shareholders to close the deal. Shares of the micro-cap Sorrento closed at $8.74, unchanged on the deal...
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